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Avison Young negotiates sale of 587,720-SF Charleston, SC industrial facility8 Mar 2021
Well-located industrial property is fully leased to third party logistics provider
March 8, 2021 -- Chicago, IL – Avison Young announced today that it has negotiated the sale of an institutional quality, 587,720-square-foot (sf) industrial property at 537 Omni Industrial Boulevard in Summerville, SC, in the Charleston market. The building was constructed in 2018 and is fully leased to 3G Distribution Services, a third-party logistics provider.
Avison Young Principals Erik Foster and Mike Wilson who are members of the company’s National Industrial Capital Markets Group, were engaged to represent the seller, Clarius Partners LLC, a full-service real estate investment and development company, along with their partner Wanxiang America Real Estate Group, a Chicago-based real estate investment firm. Foster and Wilson also successfully raised the development equity on Clarius’ behalf, in order to commence the project.
The buyer was an institutional real estate venture capital firm.
“After raising the development equity for Clarius and then completing the sale, it was a pleasure to work on this project all the way through to its completion. This state-of-the-art facility checked all the boxes from an investment perspective and drew a strong response from capital sources around the globe,” said Foster who leads the firm’s National Industrial Capital Markets Group. “These types of fully leased assets in strong logistics markets will continue to be in demand due to their ability to support the growing e-commerce, logistics, and the manufacturing sector.”
The Class A facility is on a 43-acre site within the Omni Industrial Campus, a 221-acre master planned business park that provides proximity to the Port of Charleston and direct access to I-26, the main transportation artery in the region. The park is in the heart of the Southeast’s growing manufacturing corridor that has drawn global companies such as Daimler, Boeing, Volvo, and Cummins.
The Charleston market, which has become an international center for high technology, business services, automotive and aerospace manufacturing, ranks in the top 15 for overall U.S. export activity. Over the past year, Wal-Mart, A&R Logistics, and Frontier Logistics each signed leases of more than 500,000 square feet in the Charleston market.
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Avison Young is a 2020 winner of the Canada' s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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